Swiss Re
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Swiss Re has appointed Greg Schiffer its managing director, head of US national accounts. -
Butera was previously head of P&C client markets US, in the company’s reinsurance division.
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The reinsurer said cat reinsurance rates hit a 20-year high, driven by losses, inflation and financial markets.
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Swiss Re estimates that inflation has peaked but is likely to remain persistent in 2023.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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The appointments will be effective July 1, subject to regulatory approvals.
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Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.
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The executive had previously served as the company’s vice president and senior treaty underwriter, based in Mexico.
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Cedants are grappling with rising rates while coverage narrows.
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Based in New York, the executive will continue to report to Katie McGrath, CEO North America, Swiss Re Corporate Solutions.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
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